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Report: Banks sue former Kmart CEO, alleging unpaid loans

6/2/2009

Pontiac, Mich. Former Kmart Corp. chairman and CEO Joseph Antonini is being sued by five banks accusing him of defaulting on more than $2.3 million in loans and promissory notes, according to the Associated Press.

Antonini's wife Kathleen and two of his businesses, JEA Automotive Group and JEA Enterprises, are co-defendants in the lawsuits filed in Oakland County Circuit Court.

The Detroit News said the banks are demanding payment for personal loans ranging from $25,000 to more than $1 million.

Antonini was ousted as Kmart chairman in 1995 amid declining profits and eroding support from the board of directors. He received $1.3 million in severance pay and a $527,000 annual pension for life.

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